Century Peak Metals Holdings Corp has disclosed that its subsidiary Century Peak Corp. (CPC) has concluded detailed negotiations with the government of Cavite regarding the company's unsolicited proposal to reclaim 1,333 ha of land in the province, which is located in the Calabarzon region of the Philippines' Luzon island.

The proposal will be subjected to a competitive challenge. If CPC is then awarded the project, the corporation will be entitled to 90% of the total net usable area of the reclaimed land, with the government taking ownership of the remaining 10%.